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Are you ready to have a Happier Healthier and Wealthier Retirement as a solo and single individual?

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You’ve lived the life, travel, fun, friends- and now it’s time to start the next stage or your life enjoying retirement. You may have been married in the past, but for the best, you are single now and hope to keep it that way. Similarly, you are not burdened by boomerang children living at home (still). You also didn’t have to bear the emotional or financial burden of raising children for 18+ years.

This life may not be the American Dream of some Norman Rockwell painting, but it is the dream life for many people today. Roughly one-third of 45-63-year-olds are single, most of whom never married, or at this time are divorced according to a study in “The Gerontologist.” Also in the study, fewer women have children (you might also infer fewer men have children). What does this mean for the thousands of boomers retiring every day? Potentially a smaller support network to help with the basic care/help/ and guidance often needed by people as we age.

Childless retirees will face a slew of additional challenges, and perhaps some advantages. We may still need to provide care for our parents, as they age, but we won’t have children to help care for us as we age. On the bright side, we may not have to care for adult children. Anyone else knows of any 50-year-old children still living at home. I do.

Without a spouse or children, the odds of becoming isolated (either physically or socially) increase dramatically. I often people in this unfortunate situation called “elder orphans.” You may not think about it this way, but much care for our elders is provided by family members.

Before this goes all negative, I know a great number of childless folks who are living what anybody would describe as dream retirements. The Healthy Wealthy and Wise are traveling, spending time with friends, and just enjoying life. I’ve even heard the phrase “chosen family” to describe their groups of friends.

On the flip side, those who find themselves isolated are more likely to have trouble completing daily tasks, experience more mental decline, and may be less likely to fight diseases. Many will delay treatment of care simply because its hassle to get to the doctor.

Picture your Grandma making every last-ditch effort to fight off cancer at 90 and surviving. I think many people taking on that challenge alone may not get the same positive results or put the same amount of effort into staying alive.

I also don’t want to imply that growing older with kids is the “retirement garden of Eden” and that you are all set. There are costs and pitfalls to relying on your children for all of your care. Likewise not having children does not mean your retirement will be filled with love and joy, it just may take a little more concerted effort and planning. Roughly 70% of people will end up needing Long Term Care , less than half that think they will ever need it according to SeniorCare.com

We are all getting just a little bit older one day at a time. Here are a few tips to increase your odds to live as independently as possible throughout your retirement:

Plan for a Happier and Healthier Retirement

People are living longer. Some of us may even live to 100 or beyond. Others may not make it to full retirement age. It is never too soon to plan and save for a happier and healthier retirement. Set aside money medical emergencies. Budget for other medical care like massage therapy, acupuncture, chiropractic, and other nontraditional treatments. You don’t want to be 55 or 65 and be playing catch up for retirement. Even worse you don’t want to wake up one day and realize you don’t have enough money to pay rent or buy food.

Consider sharing housing with friends, and setting up your very own Golden Girls type retirement.

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Make new friends and keep the old. ​

Isolation is commonplace in retirement. There have even been studies showing that retiring early can shorten some money life spans. You could say people are literally dying from boredom. All jokes aside the happiest retirees I know have active social lives. They have routines, hobbies and most of all friends. Without a fulltime job you have more time to fill. Take up a hobby and make new friends. See what your old friends are up too, try set a monthly lunch or brunch. Your days will be full before you know it.

Identify your most trusted friends:

Who is the person (or persons) that you would want to be your emergency contact? Someone who can check in on you from time to time, or, notice if you went missing? For my retired clients, I make sure to have this person’s information just in case I can’t reach my client over some period of time.

I also make sure my clients loved ones have my contact information just in case. At our financial planning firm, we provide a client portal where people can store medical information and important documents in case they need to be accessed in an emergency. Look into designating a person as your Health Care Durable Power of attorney. Would you rather your 85th cousin make life and death decisions for you, or, someone you trust and personally chose?

Should you move or downsize in retirement?

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Right Size your housing:

Baby boomers don’t seem to be as drawn to retire in senior communities in warmer climates the way they used to. More and more people are looking to remain in their homes as long as they can. Look for ways to cut down on the maintenance required to keep a home. Alternatively, even consider a Golden Girls type living situation where you live some fun friends. This lowers the cost for everyone, and you have some built-in friends. Don’t discount senior communities- many people love them once they get over the hurdle of moving in.

Also, think ahead health wise on where you live and if it will remain accessible. I just had someone come in who had to sell their beach house because she couldn’t go up the steep stairs after knee surgery. You may want to move to a single-story home. Alternatively, in other cases, it may be cheaper and easier to make adjustments to your existing home. My oldest client is nearly 100 and has been living in her lovely home since before my parents were even born.

Your golden years aren’t all doom and gloom. Have fun and enjoying life is important for people of all ages. The activities may just vary a bit. The healthiest 90-year olds I know seem to be the most active. Some of them wear me out with their busy schedules. I can only dream of their quality of life when I’m their age. I hear 90 is the new 70.

Retiring single or without children has its advantages and disadvantages. With a little extra planning, you can have a fun and fabulous retirement. With some proactive advice, your retirement can be even happier, healthier and wealthier.

David Rae a Certified Financial Planner™ has been helping people make smarter financial decisions since 2003. 3x Investopedia "Most Influential Financial Advisors" Award

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David Rae a Certified Financial Planner™ has been helping people make smarter financial decisions since 2003. 3x Investopedia "Most Influential Financial Advisors" Award Winner. He is the founder of the FinancialPlannerLA.com Blog. Rae is no stranger in front of the camera either, having been interviewed as financial expert for numerous segments from the Today Show, NBC Nightly News, ABC, KTLA, CBS News, Nightline, Fox and Friends, Bravo TV E! News and Comedy Central to name a few. www.davidraefp.com